A common thread in India’s G20 Presidency agenda is 'How to prepare for a better tomorrow for all', stated Union Finance and Corporate Affairs Minister Nirmala Sitharaman today. The finance track has seen the delivery of a sizeable number of outcomes, most of which will contribute towards addressing the present and emerging global economic challenges. India has piloted a huge amount of work in various tracks in more than eight months since India assumed G-20 Presidency, she added.
“So far we have ensured that geo-political differences do not supersede the core G20 mandate of international co-operation”, she further said. The Union Finance Minister was delivering the keynote address virtually, in a seminar on ‘Global Economy: Challenges, Opportunities and the Way Forward’ jointly organized by the Department of Economic Affairs, Ministry of Finance and Reserve Bank of India, under the aegis of Finance Track of India’s G-20 Presidency, in Mumbai today.
The seminar organized as a part of the International Financial Architecture (IFA) and the Frameworks Working Group under India's G-20 Presidency, in run-up to the G-20 Leaders’ Summit in September 2023, had three sessions on: ‘Development financing for the 21st century and financing of Global Public Goods’, ‘Managing Global Debt Vulnerabilities’ and ‘Key Global Risks: Inflation, Financial Stability and Climate Change’.
The Finance Minister stated that primary focus of the Indian G-20 Presidency in 2023 has been to strengthen Multilateral Development Banks (MDBs), to address the shared global challenges of the 21st century which they are facing.
But, MDBs are also facing increasing demands from donor and borrowing countries to expand their lending operations beyond their core development mandates. However, MDBs are not currently equipped to address this rising demand for their resources adequately, she added.
The Finance Minister said, another issue discussed in the G-20 Finance Track is 'Escalation of Debt Issues in Vulnerable Economies', which poses significant economic risks to their sustainable development.
The Indian G-20 Presidency has given great importance to the management of global debt vulnerabilities, demonstrating a commitment to voicing the concerns of the Global South, she stated. Finance Minister also stated that, under the G-20 India Presidency, the digital public infrastructure has been integrated into G-20 discussions with member countries recognizing its capacity to enhance productivity and to accelerate financial inclusion.
Finance Minister also stated that “the upcoming synthesis paper developed by the IMF and the FSB, coupled with a roadmap will be instrumental in shaping future regulatory measures for crypto- assets”.